Russian automotive market: growth in 2023 and 2024
- The Russian automotive market, which oscillated between 100,000 and 170,000 vehicles a month before 2022, corresponding to a volume of between 1,600,000 and 1,800,000 units a year between 2017 and 2021, plummeted when the conflict with Ukraine broke out in February 2022. Related to Russia's population (nearly 150 million), this volume of vehicle sold remains low, being roughly equivalent to that of France or Italy, which have 2.5 times fewer inhabitants than Russia.
- The year 2022 was marked by a very low volume of vehicle registered in Russia, in a range of 40,000 to 60,000 per month, 2.5 times less than in the previous five years.
- The year 2023 saw a clear improvement compared to 2022, with a registration volume of between 40,000 and 100,000 per month, with the best figures recorded in the last quarter, between September and December. The annual total for 2023 reached 937,081 vehicles, compared with 687,370 in 2022, representing an increase of 36% but a decrease of 44% compared to 2021, before the outbreak of the conflict between Ukraine and Russia.
- Over the first six months of 2024, registrations have increased by 95% compared to the first six months of 2023. A market of nearly 1,500,000 units could be reached over the whole of 2024, compared to 1,666,780 units in 2021 and 1,598,825 in 2020. Since 2022, the Russian automobile market therefore seems to have regained new strength, but without European manufacturers. Over the first six months of 2024, Chinese manufacturers hold 61% of this market.